Leonardo DRS, Inc.
DRS Nasdaq Search, Detection, Navigation, Guidance, Aeronautical Sys Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$3.6B
12.8%
vs prior year
Operating margin
Operating income as a share of revenue.
9.5%
0.5 pts
Net income
Profit after all expenses, interest and tax.
$278M
30.5%
Free cash flow
Cash from operations minus capital spending.
$227M
22.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.8%
1.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.19 EPS (TTM)
What Leonardo DRS, Inc. does
No business description yet.
- Legal name
- Leonardo DRS, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001833756-26-000013
0001833756
Revenue and margins
Leonardo DRS, Inc. had $3.6B of revenue in fiscal 2025, up 12.8% on the year before.
FY19
Revenue $2.7B
FY20
Revenue $2.8B
FY21
Revenue $2.9B
FY22
Revenue $2.7B
FY23
Revenue $2.8B
FY24
Revenue $3.2B
FY25
Revenue $3.6B
Q3 '23
Revenue $703M
Q4 '23
Revenue $926M
Q1 '24
Revenue $688M
Q2 '24
Revenue $753M
Q3 '24
Revenue $812M
Q4 '24
Revenue $981M
Q1 '25
Revenue $799M
Q2 '25
Revenue $829M
Q3 '25
Revenue $960M
Q4 '25
Revenue $1.1B
Q1 '26
Revenue $846M
Q2 '26
Revenue $913M
FY19
Gross 16.9%
Operating 6.0%
Net 2.8%
FCF 3.8%
FY20
Gross 17.8%
Operating 6.5%
Net 3.1%
FCF 2.5%
FY21
Gross 19.0%
Operating 8.2%
Net 5.3%
FCF 4.1%
FY22
Gross 21.4%
Operating 20.8%
Net 15.0%
FCF −1.2%
FY23
Gross 22.9%
Operating 8.2%
Net 5.9%
FCF 5.1%
FY24
Gross 22.8%
Operating 9.1%
Net 6.6%
FCF 5.8%
FY25
Gross 23.8%
Operating 9.5%
Net 7.6%
FCF 6.2%
Gross
Operating
Net
FCF
Q3 '23
Gross 23.0%
Operating 8.4%
Net 6.7%
FCF 3.0%
Q4 '23
Gross 22.7%
Operating 11.3%
Net 8.0%
FCF 53.7%
Q1 '24
Gross 22.2%
Operating 6.3%
Net 4.2%
FCF −40.0%
Q2 '24
Gross 22.4%
Operating 7.3%
Net 5.0%
FCF 0.0%
Q3 '24
Gross 22.0%
Operating 9.2%
Net 7.0%
FCF 5.8%
Q4 '24
Gross 24.0%
Operating 12.2%
Net 9.1%
FCF 42.2%
Q1 '25
Gross 22.7%
Operating 7.4%
Net 6.3%
FCF −21.3%
Q2 '25
Gross 23.8%
Operating 8.4%
Net 6.5%
FCF −6.8%
Q3 '25
Gross 23.1%
Operating 9.7%
Net 7.5%
FCF 8.0%
Q4 '25
Gross 25.4%
Operating 11.9%
Net 9.6%
FCF 35.5%
Q1 '26
Gross 25.1%
Operating 9.1%
Net 7.3%
FCF −11.3%
Q2 '26
Gross 26.0%
Operating 11.2%
Net 9.4%
FCF 0.7%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2019 to 2025, diluted EPS grew 12.1% a year. Loss periods are shown in red.
FY19
Net income $75.0M
FY20
Net income $85.0M
FY21
Net income $154M
FY22
Net income $405M
FY23
Net income $168M
FY24
Net income $213M
FY25
Net income $278M
Q3 '23
Net income $47.0M
Q4 '23
Net income $74.0M
Q1 '24
Net income $29.0M
Q2 '24
Net income $38.0M
Q3 '24
Net income $57.0M
Q4 '24
Net income $89.0M
Q1 '25
Net income $50.0M
Q2 '25
Net income $54.0M
Q3 '25
Net income $72.0M
Q4 '25
Net income $102M
Q1 '26
Net income $62.0M
Q2 '26
Net income $86.0M
FY19
Diluted EPS $0.52
FY20
Diluted EPS $0.40
FY21
Diluted EPS $0.73
FY22
Diluted EPS $1.88
FY23
Diluted EPS $0.64
FY24
Diluted EPS $0.80
FY25
Diluted EPS $1.03
Q3 '23
Diluted EPS $0.18
Q4 '23
Diluted EPS $0.28
Q1 '24
Diluted EPS $0.11
Q2 '24
Diluted EPS $0.14
Q3 '24
Diluted EPS $0.21
Q4 '24
Diluted EPS $0.34
Q1 '25
Diluted EPS $0.19
Q2 '25
Diluted EPS $0.20
Q3 '25
Diluted EPS $0.26
Q4 '25
Diluted EPS $0.38
Q1 '26
Diluted EPS $0.23
Q2 '26
Diluted EPS $0.32
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity 7.4%
Return on assets —
FY20
Return on capital 7.8%
Return on equity 7.0%
Return on assets 2.9%
FY21
Return on capital 10.3%
Return on equity 10.2%
Return on assets 5.1%
FY22
Return on capital 19.4%
Return on equity 21.8%
Return on assets 12.0%
FY23
Return on capital 8.8%
Return on equity 7.5%
Return on assets 4.4%
FY24
Return on capital 10.2%
Return on equity 8.7%
Return on assets 5.3%
FY25
Return on capital 11.8%
Return on equity 10.5%
Return on assets 6.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $227M in fiscal 2025, 6.2% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $102M
FY20
Free cash flow $69.0M
FY21
Free cash flow $118M
FY22
Free cash flow −$32.0M
FY23
Free cash flow $145M
FY24
Free cash flow $186M
FY25
Free cash flow $227M
Q3 '23
Free cash flow $21.0M
Q4 '23
Free cash flow $497M
Q1 '24
Free cash flow −$275M
Q2 '24
Free cash flow $0.0M
Q3 '24
Free cash flow $47.0M
Q4 '24
Free cash flow $414M
Q1 '25
Free cash flow −$170M
Q2 '25
Free cash flow −$56.0M
Q3 '25
Free cash flow $77.0M
Q4 '25
Free cash flow $376M
Q1 '26
Free cash flow −$96.0M
Q2 '26
Free cash flow $6.0M
FY19
Cash from operations $157M
Capital spending $55.0M
FY20
Cash from operations $125M
Capital spending $56.0M
FY21
Cash from operations $178M
Capital spending $60.0M
FY22
Cash from operations $33.0M
Capital spending $65.0M
FY23
Cash from operations $205M
Capital spending $60.0M
FY24
Cash from operations $271M
Capital spending $85.0M
FY25
Cash from operations $366M
Capital spending $139M
Cash from operations
Capital spending
Q3 '23
Cash from operations $36.0M
Capital spending $15.0M
Q4 '23
Cash from operations $515M
Capital spending $18.0M
Q1 '24
Cash from operations −$265M
Capital spending $10.0M
Q2 '24
Cash from operations $34.0M
Capital spending $34.0M
Q3 '24
Cash from operations $59.0M
Capital spending $12.0M
Q4 '24
Cash from operations $443M
Capital spending $29.0M
Q1 '25
Cash from operations −$138M
Capital spending $32.0M
Q2 '25
Cash from operations −$28.0M
Capital spending $28.0M
Q3 '25
Cash from operations $107M
Capital spending $30.0M
Q4 '25
Cash from operations $425M
Capital spending $49.0M
Q1 '26
Cash from operations −$66.0M
Capital spending $30.0M
Q2 '26
Cash from operations $35.0M
Capital spending $29.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Leonardo DRS, Inc. returned $35.0M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count rose 0.4%.
FY19
Dividends —
Buybacks —
FY20
Dividends $0.0M
Buybacks —
FY21
Dividends $0.0M
Buybacks —
FY22
Dividends $396M
Buybacks —
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends —
Buybacks $35.0M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends $0.0M
Buybacks —
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $3.0M
Q2 '25
Dividends —
Buybacks $11.0M
Q3 '25
Dividends —
Buybacks $10.0M
Q4 '25
Dividends —
Buybacks $11.0M
Q1 '26
Dividends —
Buybacks $4.0M
Q2 '26
Dividends —
Buybacks $12.0M
Dividends
Buybacks
FY19
Diluted shares —
FY20
Diluted shares 0.21B
FY21
Diluted shares 0.21B
FY22
Diluted shares 0.22B
FY23
Diluted shares 0.26B
FY24
Diluted shares 0.27B
FY25
Diluted shares 0.27B
Balance sheet
Cash, debt and the ratios that show how comfortably Leonardo DRS, Inc. can carry it.
FY19
Cash $85.0M
Debt —
FY20
Cash $61.0M
Debt $564M
FY21
Cash $240M
Debt $569M
FY22
Cash $306M
Debt $567M
FY23
Cash $467M
Debt $600M
FY24
Cash $598M
Debt $483M
FY25
Cash $647M
Debt $459M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $240M | $306M | $467M | $598M | $647M |
| Debt incl. finance leases | $569M | $567M | $600M | $483M | $459M |
| Net debt / EBITDA | 1.1x | 0.4x | 0.4x | −0.3x | −0.4x |
| Debt / equity | 0.3x | 0.2x | 0.2x | 0.1x | 0.1x |
| Interest coverage | 6.7x | 16.5x | 6.4x | 14.0x | — |
| Current ratio | 1.4x | 1.6x | 1.8x | 1.9x | 1.9x |
| Quick ratio | 1.2x | 1.3x | 1.5x | 1.6x | 1.6x |
| Total assets | $3.1B | $3.7B | $3.9B | $4.2B | $4.5B |
| Total liabilities | $1.5B | $1.6B | $1.6B | $1.6B | $1.8B |
| Shareholders' equity | $1.6B | $2.1B | $2.3B | $2.6B | $2.7B |
| Net debt (− = net cash) | $329M | $261M | $133M | −$115M | −$188M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✓ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | — | ✓ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 4 | 8 / 9 | 6 / 9 | 5 / 9 | 7 / 9 | 7 / 9 |
| Accruals ratio | — | −1.4% | −0.8% | 11.0% | −1.0% | −1.4% | −2.0% |
| Altman Z'' | — | −1.43 | −0.66 | 1.02 | 1.00 | 1.74 | 2.07 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $2.7B | $2.8B | $2.9B | $2.7B | $2.8B | $3.2B | $3.6B |
| Gross profit | $459M | $494M | $547M | $575M | $648M | $736M | $869M |
| Research and development | $31.0M | $41.0M | $48.0M | $58.0M | $82.0M | $92.0M | $129M |
| Operating income | $163M | $181M | $236M | $561M | $231M | $293M | $348M |
| Interest expense | $65.0M | $64.0M | $35.0M | $34.0M | $36.0M | $21.0M | — |
| Pretax income | $95.0M | $112M | $200M | $525M | $192M | $264M | $336M |
| Income tax | $20.0M | $27.0M | $46.0M | $120M | $24.0M | $51.0M | $58.0M |
| Net income | $75.0M | $85.0M | $154M | $405M | $168M | $213M | $278M |
| Net income to common | — | $85.0M | $154M | $405M | $168M | $213M | $278M |
| Diluted EPS | $0.52 | $0.40 | $0.73 | $1.88 | $0.64 | $0.80 | $1.03 |
| Diluted shares | — | 0.21B | 0.21B | 0.22B | 0.26B | 0.27B | 0.27B |
| Cash flow | |||||||
| Cash from operations | $157M | $125M | $178M | $33.0M | $205M | $271M | $366M |
| Capital expenditure | $55.0M | $56.0M | $60.0M | $65.0M | $60.0M | $85.0M | $139M |
| Free cash flow | $102M | $69.0M | $118M | −$32.0M | $145M | $186M | $227M |
| Depreciation and amortization | $51.0M | $53.0M | $58.0M | $65.0M | $85.0M | $91.0M | $93.0M |
| Stock-based compensation | — | $0.0M | $0.0M | $5.0M | $17.0M | $22.0M | $32.0M |
| Acquisitions | $4.0M | $0.0M | $14.0M | −$19.0M | $0.0M | $0.0M | — |
| Share buybacks | — | — | — | — | $0.0M | $0.0M | $35.0M |
| Dividends paid | — | $0.0M | $0.0M | $396M | $0.0M | $0.0M | — |
| Dividends and buybacks | — | $0.0M | $0.0M | $396M | $0.0M | $0.0M | $35.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $85.0M | $61.0M | $240M | $306M | $467M | $598M | $647M |
| Total debt | — | $401M | $408M | $406M | $442M | $370M | $353M |
| Finance lease liabilities | — | $163M | $161M | $161M | $158M | $113M | $106M |
| Current assets | — | $1.3B | $1.4B | $1.7B | $1.9B | $2.2B | $2.3B |
| Current liabilities | — | $975M | $989M | $1.0B | $1.1B | $1.1B | $1.2B |
| Inventory | — | $247M | $205M | $319M | $329M | $358M | $352M |
| Goodwill | $1.1B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B |
| Intangible assets | — | $60.0M | $52.0M | $172M | $151M | $132M | $112M |
| Total assets | — | $3.0B | $3.1B | $3.7B | $3.9B | $4.2B | $4.5B |
| Total liabilities | — | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B | $1.8B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $1.0B | $1.4B | $1.6B | $2.1B | $2.3B | $2.6B | $2.7B |
| Margins | |||||||
| Gross margin | 16.9% | 17.8% | 19.0% | 21.4% | 22.9% | 22.8% | 23.8% |
| Operating margin | 6.0% | 6.5% | 8.2% | 20.8% | 8.2% | 9.1% | 9.5% |
| EBITDA margin | 7.9% | 8.4% | 10.2% | 23.2% | 11.2% | 11.9% | 12.1% |
| Net margin | 2.8% | 3.1% | 5.3% | 15.0% | 5.9% | 6.6% | 7.6% |
| FCF margin | 3.8% | 2.5% | 4.1% | −1.2% | 5.1% | 5.8% | 6.2% |
| Returns | |||||||
| Return on capital | — | 7.8% | 10.3% | 19.4% | 8.8% | 10.2% | 11.8% |
| Return on capital employed | — | 9.1% | 11.3% | 21.3% | 8.1% | 9.6% | 10.7% |
| Return on equity | 7.4% | 7.0% | 10.2% | 21.8% | 7.5% | 8.7% | 10.5% |
| Return on assets | — | 2.9% | 5.1% | 12.0% | 4.4% | 5.3% | 6.4% |
| Return on tangible equity | — | 27.4% | 32.8% | 56.3% | 17.9% | 17.9% | 20.1% |
| Growth | |||||||
| Revenue growth | — | 2.4% | 3.6% | −6.5% | 4.9% | 14.4% | 12.8% |
| Net income growth | — | 13.3% | 81.2% | 163.0% | −58.5% | 26.8% | 30.5% |
| EPS growth | — | −23.1% | 82.5% | 157.5% | −66.0% | 25.0% | 28.8% |
| FCF growth | — | −32.4% | 71.0% | −127.1% | — | 28.3% | 22.0% |
| Share count change | — | — | 0.0% | 2.4% | 22.8% | 1.3% | 0.4% |
| Financial health | |||||||
| Net debt / EBITDA | — | 2.1x | 1.1x | 0.4x | 0.4x | −0.3x | −0.4x |
| Debt / equity | — | 0.3x | 0.3x | 0.2x | 0.2x | 0.1x | 0.1x |
| Interest coverage | 2.5x | 2.8x | 6.7x | 16.5x | 6.4x | 14.0x | — |
| Current ratio | — | 1.3x | 1.4x | 1.6x | 1.8x | 1.9x | 1.9x |
| Quick ratio | — | 1.0x | 1.2x | 1.3x | 1.5x | 1.6x | 1.6x |
| Capital allocation | |||||||
| Capex / revenue | 2.0% | 2.0% | 2.1% | 2.4% | 2.1% | 2.6% | 3.8% |
| Stock comp / revenue | — | 0.0% | 0.0% | 0.2% | 0.6% | 0.7% | 0.9% |
| Payouts / FCF | — | 0.0% | 0.0% | — | 0.0% | 0.0% | 15.4% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 8.0 | 6.0 | 5.0 | 7.0 | 7.0 |
| Altman Z'' | — | −1.4 | −0.7 | 1.0 | 1.0 | 1.7 | 2.1 |
| Accruals ratio | — | −1.4% | −0.8% | 11.0% | −1.0% | −1.4% | −2.0% |
Source: SEC EDGAR XBRL filings (CIK 0001833756). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.